Businesses need to manage electronic documents and solve the various problems associated with them such as finding the current document and version control. The need for an EDMS is clear and any solution must solve those problems. In addition, there may be many other drivers and benefits for adopting an EDMS and a business should evaluate these carefully before initiating any project.
Tangible Benefits of Electronic Document Management
An electronic document management system potentially includes tangible benefits such as:
- Reduced paper storage - removal of paper by converting paper documents that are stored within the business or in an archive into an electronic form
- Improved retrieval time - obtaining paper from storage or an archive is typically slower than electronic retrieval of documentation. Along with the improved retrieval time comes the ability to perform searches for similar information. This is especially useful when trying to perform major changes or perhaps searching for information subject to litigation
- Saves paper, printer and toner costs - reduced need to print paper documents as electronic versions are available for use or reuse. Whilst the paperless office is still not a reality, it is anticipated that the availability of an EDMS would reduce the need for multiple paper copies of documents. If the EDMS does not have an electronic signature capability then at least one "master" paper signed document will need to be printed
- Improved staff productivity - less time spent searching for documents or trying to find the current version. Faster document review and approval cycles, particularly where multiple reviewers and approvers are involved in the business process
- Improved disaster recovery - EDMS contains business critical documents and has its own disaster recovery plan that allows the documents to be restored in the event of significant disruption or disaster for the business
Some of these tangible benefits, in particular productivity, may lead to a financial assessment of the benefit and allow the redeployment of resources.
Intangible Benefits of Electronic Document Management
An electronic document management system potentially includes intangible benefits such as:
- Improved security through a single secure location for documents and ensuring that the right people are able to access the right documents
- Improved compliance with regulation or legislation
- Central control and management of documentation
- Reduced chance of "losing" documents
- Enhanced competitive situation due to improved internal document processes
- Improved customer service through faster access to and retrieval of important customer information
EDMS
Electronic document management systems introduce tremendous change to working practices many people within a business works with electronic documents. Consequently, understanding and defining the business need, benefits and drivers is important before starting a project.
Roger Lever - Early career was in Treasury Banking and this led to my interest in financial investment, especially the stockmarket. Enjoy reading widely ...
